A primer in Entrepreneurship

Transcription

1 Prof. Dr.

2 Course outline Part 1: The decision to become an entrepreneur Part 2: Developing successful business ideas Part 3: Moving from an idea to an entrepreneurial firm Part 4: Managing and growing an entrepreneurial firm 2

3 Course outline Part 1: The decision to become an entrepreneur (Chapter 1 & 1.5) 1. People become entrepreneurs to a. be their own boss b. pursue their own ideas c. realize financial rewards 2. A triggering event prompts an individual to become an entrepreneur (loose job and finds its time now). 3. Entrepreneurs as Jack of all trades; O ring theory of entrepreneurship 3

4 Course outline Part 2: Developing successful business ideas (Chapters 2 6) 1. Many new businesses fail not because the entrepreneur didn t work hard but because there was no real opportunity to begin with. 2. Developing a successful business idea includes: 1. opportunity recognition 2. feasibility analysis 3. writing a business plan 4. industry and competitors analysis 5. development of an effective business model dl 4

5 Course outline Part 3: Moving from an idea to an entrepreneurial firm (Chapters 7 10) Chapters deal with: ih 1. preparing the proper ethical and legal foundation 2. assessing a new venture s financial strength and viability 3. building a new venture team 4. getting financing or funding 5

6 Course outline Part 4: Managing and growing an entrepreneurial firm (Chapters 11 15) 1. Given today s competitive environment, all firmsmustbemust managed and grown properly to ensure their ongoing success. This is the final stage of the entrepreneurial process. 2. Chapters focus on 1. unique marketing issue confronting new ventures 2. importance of intellectual property 3. preparing for and evaluating the challenges of growth 4. strategies for firm growth 5. franchising 6

7 Table of contents Part 1: The decision to become an entrepreneur 1. Introduction to entrepreneurship I. Introduction to entrepreneurship II. Changing demographics of entrepreneurs III. Entrepreneurship s s importance 1.5 Entrepreneurship theory 7

8 Table of contents Part 2: Developing successful business ideas 2. Recognizing opportunities and generating ideas 1. Identifying and recognizing opportunities 2. Techniques for generating ideas 3. Encouraging and protecting ideas 3. Feasibility analysis 4. Writing a business plan 1. The business plan 2. Business plan outline 3. Presenting the business plan to the investor 8

9 Table of contents Part 2: Developing successful business ideas (cont.) 5. Industry and competitor analysis 1. Industry analysis 2. The importance of industry vs. firm specific factors 3. Competitor analysis 6. Developing an effective business model 1. Business models 2. Components of an effective business model dl 9

10 Table of contents Part 3: Moving from an idea to an entrepreneurial firm 7. Preparing the proper ethical and legal foundations 1. Initial ethical and legal lissues facing a firm 2. Choosing a form of business organization 8. Assessing a new venture s financial strength and viability 1. Introduction to financial management 2. Financial statements and forecasts 3. Pro forma financial statements 9. Building a new venture team 1. Creating a new venture team 2. Rounding outthethe team: the role ofprofessional advisers 10. Getting financing or funding 1. The importance of getting financing and funding 2. Sources of equity funding 3. Sources of debt financing 4. Creative sources of financing and funding 10

11 Table of contents Part 4: Managing and growing an entrepreneurial firm 11. Unique marketing issues 1. Selecting a market and establishing a position 2. Key marketing issues for new ventures 3. The 4Ps of marketing for new ventures 12. The importance of intellectual property 1. The importance of intellectual property 2. Pt Patentst 3. Trademarks 4. Copyrights 5. Trade secrets 6. Conducting an intellectual property audit 11

12 Table of contents Part 4: Managing and growing an entrepreneurial firm (cont.) 13. Preparing for and evaluating the challenges of growth 1. Preparing for growth 2. Challenges of growth 3. Attributes of successful growth firms 14. Strategies for firm growth 1. Internal growth strategies 2. Et External growth strategies t 15. Franchising 1. What is franchising and how does it work? 2. Establishing a franchise system 3. Buying a franchise 4. Legal aspects of the franchise relationship 5. More about franchising 12

13 Steps in the entrepreneurial process Step 1 Step 2 Entrepreneurship Developing Successful Business Ideas theory CHAPTER Prentice Hall 13

14 Steps in the entrepreneurial process Step 1 Step 2 Developing Successful Business Ideas 2008 Prentice Hall 14

15 Steps in the entrepreneurial process Step 3 Step 4 Developing Successful Business Ideas 2008 Prentice Hall 15